{"id":137360,"date":"2018-11-16T07:35:08","date_gmt":"2018-11-16T12:35:08","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=137360"},"modified":"2018-11-16T06:44:02","modified_gmt":"2018-11-16T11:44:02","slug":"eurusd-the-euros-upwards-trend-continues","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/11\/eurusd-the-euros-upwards-trend-continues\/","title":{"rendered":"EURUSD: the euro\u2019s upwards trend continues"},"content":{"rendered":"<div id=\"inves-3404810250\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">November 16, 2018<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p><strong>By <a href=\"https:\/\/alpari.com\/en\/analytics\/analysts\/anthony\/\">Matthew Anthony, Alpari<\/a><\/strong><\/p>\n<div class=\"reviews-item__content\">\n<p><strong><em>Previous:<\/em><\/strong><\/p>\n<p>Brexit is dominating the Forex market this week. The pound is under intense scrutiny by market participants. On Thursday, it shed 2.3% against the greenback to reach 1.2735. This drop was caused by reports of UK Brexit Minister Dominic Raab\u2019s resignation. Another piece of news that took its toll on the pound was that of the prospect of Prime Minister Theresa May facing a no-confidence vote. The single currency dropped to 1.1271 against the dollar on the back of this report, although euro bulls quickly recovered these losses in Europe and pushed on to a new session high of 1.1362.<\/p>\n<p><strong><em>Day\u2019s news (GMT+3):<\/em><\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>13:00 Eurozone: CPI (Oct).<\/li>\n<li>16:30 Canada: foreign portfolio investment in Canadian securities (Sep), Canadian portfolio investment in foreign securities (Sep).<\/li>\n<li>17:15 US: industrial production (Oct), capacity utilisation (Oct).<\/li>\n<li>21:00 US: Baker Hughes US oil rig count.<\/li>\n<\/ul>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/cms\/images\/16.11.18_EURUSD_H1_5bee73a1ee971.png\" alt=\"\" \/><\/p>\n<p align=\"center\">Fig 1. EURUSD hourly chart.<\/p>\n<p><strong><em>Current situation:<\/em><\/strong><\/p>\n<p>I had to adjust yesterday\u2019s upwards channel from 1.1222. The pair is now trading above the balance line, which is consequently now acting as a support (1.1314). The LB line is running 22 pips above the lower line of the channel. If our pair drops below 1.1295, we won\u2019t see any subsequent growth. We need to keep an eye out for breaking news on the Italian budget, which could potentially sink our pair.<\/p><div id=\"inves-3132498696\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<p>My forecast shows continued growth within the channel up to 1.1395. If the euro strengthens on the back of a broadly weaker dollar, then the 1.1430 mark will likely be tested. The stochastic is up. We could see a rebound towards the LB.<\/p>\n<p>The Eurozone\u2019s CPI report for October takes centre stage today. If it doesn\u2019t disappoint, we should continue moving upwards without a pullback. Experts expect year-on-year inflation to remain unchanged at 2.2%. ECB President Mario Draghi is scheduled to speak at 11:30 (GMT+3). Since it\u2019s not a press conference following an ECB meeting, his comments shouldn\u2019t have much of an effect on markets.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">EURUSD: the euro\u2019s upwards trend continues<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Matthew Anthony, Alpari Previous: Brexit is dominating the Forex market this week. The pound is under intense scrutiny by market participants. On Thursday, it shed 2.3% against the greenback to reach 1.2735. This drop was caused by reports of UK Brexit Minister Dominic Raab\u2019s resignation. Another piece of news that took its toll on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-137360","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/137360","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=137360"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/137360\/revisions"}],"predecessor-version":[{"id":137361,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/137360\/revisions\/137361"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=137360"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=137360"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=137360"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}